We just published the fourth set of papers, this time focused on Science and Technology targets for the post-2015 development agenda.
What is the smartest target?
As reported in the Wall Street Journal and TIME.com, expand open international circulation of skilled workers by 5-20% of current skilled migrants, which will return 15 dollars for every dollar spent. Over the period, the benefits could reach almost half a trillion dollars.
Science and Technology Targets
Benefit for Every Dollar Spent
Expand open international circulation of skilled workers by 5-20% of current skilled migrants
Increase developing country R&D spending of GDP to 0.5%, and emerging countries to raise their ratios to 1.5%
The main report proposes a novel idea to promote technology transfer across nations: increased circulation of skilled labor within â€˜innovation zonesâ€™. Countries that agree to be part of these zones would allow some skilled labor to freely move between them for up to 10 years.
If implemented in the Americas, a 5% increase in skilled migration would mean an extra 136,000 managerial and technical workers migrating. They would earn $15 billion more over the next 25 years. Moreover, as they would bring with them new ideas and concepts, they will increase productivity in the US and elsewhere by $1.5 billion. For every dollar spent, this target could do 10-20 dollars worth of good.
With the Americas making up one-third of the global economy, and 20% more visas, the potential benefits could go as high as $500 billion for the entire world. That should make the target of higher labor mobility a strong contender for the worldâ€™s next set of goals.
Another, but less cost-effective target would be for all countries to increase their research and development investments, making all workers more productive. The benefit is about $3 for each dollar spent.
You can read the full set of reports at www.post2015consensus.com/scienceandtechnology
Here, Copenhagen Consensus Center has just released its latest research series on Science and Technology targets for the Post-2015 agenda. Keith E. Maskus, Professor of Economics at University of Colorado, Boulder writes the main report, peer-reviewed in Perspective papers by Kamal Saggi, Professor of Economics at Vanderbilt University, and by Pamela J. Smith, Associate Professor of Applied Economics at University of Minnesota. Additionally, NGOs and stakeholders such as The South Centre and UNCTAD present Viewpoint papers concerning Maskusâ€™ analysis.
PhD and Adjunct Professor
President of Copenhagen Consensus Center
PS. The Post-2015 Consensus project brings together more than 50 top economists, NGOs, international agencies and businesses to identify the targets with the greatest benefit-to-cost ratio for the next set of UN development goals. If you have questions about the project, send an email to Research Project Manager Brad Wong by replying to this email.